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As hardware manufacturers are working to make AR and VR headsets less expensive and more user-friendly, start-up companies are coming up with innovative use cases that go beyond gaming - applying these technologies to everything from marketing medical research to space exploration and many more.
Virtual Reality (VR) and Augmented virtual reality (AR) are well-equipped for business. Some of the most significant opportunities to use these technologies are in industrial manufacturing and design. PwC study reveals that the potential in the use of VR and AR for service and product development could result in a GDP of $360 billion in 2030.
The Current Market of Augmented and Virtual Reality
Technology, initially correlated with hardware initially, has gradually entered the world of software. It has grown to become the most significant game and entertainment market. It has also caught the attention of businesses that have different industrial applications.
When it comes to Augmented reality technology, it has got everyone curious about the benefits it can bring to business and for building a better and more prosperous future.
According to IDC forecasts, the AR/VR market was generating around 60% of total global spending in 2018. However, it is predicted to reach 85 percent of worldwide spending by the year 2021, which will put transportation, retail manufacturing, the public sector, and manufacturing high on the list.
Based on Markets and Markets, The VR market is expected to increase from USD 6.1 billion in 2020 to 20.9 billion in 2025. it is predicted to expand at a rate of 27.9 percent between 2020 and 2025.
Now that you've seen a glimpse of the present situation of the AR and VR industry and our plans, it's time to dive into the latest trends and technologies that will help expand this market.
Trends for AR/VR to Watch Out in 2022 and Beyond
AR/VR is one of the brightest technological building blocks for the coming years. AR/VR holds immense potential since it can be assessed differently in different areas and has gained a higher level of popularity than anticipated because of the social distancing laws imposed by the epidemic. Many companies looking for an era of innovation have begun using AR/VR. We've put together the top trends in virtual and augmented reality for 2022. Let's take an overview of them in this blog article.
Shopping Experience
VR and AR will continue to be a major aspect of digitizing our lives. Technology can improve our experiences in virtual space and result in more satisfied customers. IKEA PLACE is an example of an app that makes use of AR. The IKEA PLACE application lets users determine the room's dimensions and overlay furniture within the room.
This provides the user with an understanding of how the furniture will appear in the space. AR can reduce the cost of the product. This is because the purchaser has access to real-time information on the product and the possibilities of placement within the room.
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Virtual Showrooms
The virtual showroom and store are set to shake up the dealer market. Virtual showrooms transform a space into a fully digital space, where visitors can browse through a range of products. Using VR glasses, customers can see different products, features, and prices just like they would at a brick-and-mortar shop.
Augmented Reality Filters
Businesses are now implementing Augmented Reality filters to assist their customers in visualizing their products and making informed purchases. Augmented Reality Filters allow customers to test products like shades, eyeshadows, lipsticks, and much more.
Some companies already taking advantage of this AR technology include Warby Parker Sunglasses Company and Sephora (make-up brand). Sephora has created an online assistant that uses facial recognition to allow customers to play around with different colors of make-up.
VR Workout
Through Virtual Reality, it is possible to simulate real-life scenarios within a secure setting. This helps to save money and time. For example, Virtual Reality training does not require a complex training area, and it is all you require Virtual reality glasses and a space to put them in.
An excellent example is the OneRO-X Flashover case. The VR training case comes with an inbuilt Computer with a touchscreen and four Oculus Quest2 glasses. Software is loaded on the Computer that allows firefighters to practice setting off the flames. Alongside the VR apparatus, there's also a real-feeling fire hose that is included in the case (this is based on the weight and size of the real firefighters' hose).
AR Navigation
using Augmented Reality navigation, something is projected to make it simpler for you as an individual to achieve an objective. This is possible using the camera on your mobile phone. However, it could also be accomplished by, for example, using projection in the air.
The most well-known example that shows this phenomenon is IKEA. Most people will be familiar with it. As you enter the aisles of IKEA, you will see a variety of an arrow across the flooring. They're displayed on the floor using tiny projectors on the ceiling. This is an extremely effective way to ensure that the customers know precisely which path to take to get to the shop.
Try-On Solutions
Virtual Try-On options are predicted to be in use by the vast majority of online stores in 2022. This will help shoppers understand what they're buying, and virtual try-on are becoming more widespread in both shoe and clothing stores.
Customers can test the items they want or shoes without needing to go through the process physically with the help of AR-enabled mirrors. It's important to note that these apps are becoming increasingly popular. They're available for furniture, make-up accessories, and even eyeglasses.
How Varies Industries Being Affected by AR/VR?
Recent advancements have allowed individuals to be in many different reality media, forms, and environments. Therefore, there is no doubt that future technology will be able to bridge the gap between physical and virtual environments. The next step is augmented and virtual reality (AR/VR).
Most often associated with gaming AR/VR is often thought of as gaming. It could revolutionize processes across all industries. As of the Covid-19 outbreak, particularly the last few years, we've seen companies and organizations from all over the world make use of AI to offer home-bound residents an array of exciting experiences.
Healthcare
The established industry is currently experimenting with AR/VR and how it could save lives each day:
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The development of AR/VR solutions in the health industry is anticipated to surpass $117 billion by 2024.
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Hospitals are using these techniques in their everyday routines, for example, during surgery, changing the image of medical procedures. Because of the ability to pull up 3D images for better visualization, surgeons can see the anatomy of the body in greater detail, helping to ensure surgical procedures can be performed with the highest level of precision.
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Every day that AR/VR is being used in this area, we're witnessing the results in hospitals across the United States as it alters the procedure of surgery and is gradually being well-known in healthcare facilities all over the country.
Gaming
One of the industries that AR/VR is affecting is entertainment, specifically the gaming industry.
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It's expected that by the end of 2019, VR gaming will be worth $4 billion. VR gaming will generate $4 billion, while AR gaming is expected to bring in $616 million.
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Although there's some way to go to allow VR to impact mobile apps truly, the use of both consoles and PCs is growing. VR gaming headsets are expected to reach several 82 million by 2020.
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Immersing players in brand new environments, or having them participate in a simulated environment, will continue to alter the gaming industry and how players interact with their environment; it opens up new possibilities that have never been seen before.
Education
The use of VR and AR in this field is something that has recently been an enormous hit in the classrooms:
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The estimates of ABI Research predict that by 2023, AR will grow to $5.3 billion, and VR will increase to 640 million within the field of education.
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Virtual field excursions are one of the most significant investments in this sector. Imagine the Magic School Bus but in real-time. With a variety of fantastic AR/VR tools (like Google Expedition), students can increase their immersion by exploring the moon's surface, the moon, the anatomical structure, and the inside of an atom, to mention a few. All affordably and affordably.
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Integrating AR/VR in the classroom can open up new possibilities and transform the way students learn. Interactive tools can increase student engagement and let them discover new places they might not be able to access otherwise.
Military/Defense
In various branches within the army, AR/VR or mixed reality technology is being been used to create large-scale simulation environments, offering an immersive platform to train recruits and optimize operations.
Scope, for example, uses augmented reality technology to provide officers in the field using "computer imaging technology" to help in the maintenance and repair of equipment.
Then there's mapping and communication: The National Geospatial-Intelligence Agency was reportedly looking into ways that VR could help government officials digitally capture landscapes during times of crisis -- as with war devastation or bombing aftermaths -- and share those environments virtually with remote personnel to better plan personnel-deployment and crisis management strategy.
Marketing & Advertising
Companies are increasingly using VR and AR-powered promotions to let customers experience their offerings and interact with them in different ways.
Boursin, a manufacturer, and distributor of soft cheeses developed an immersive VR experience that had customers "flying" through a trip through a refrigerator packed with goodies. With AR, Jordan Brand recreated basketball Michael Jordan's famous dunk off the free throw line to draw attention to fans and generate sales.
As the popularity of headsets among consumers grows, VR/AR will change to be less of a marketing novelty and an everyday channel for advertising and marketing.
Recruiting, Talent Management & HR
In the age of "culture fit" becoming more important to businesses of all kinds, VR has hiring and HR capabilities across nearly every industry, providing an innovative way for employers to interact with prospective employees and test their capabilities in an immersive setting.
Lloyds Banking Group used virtual reality solutions to evaluate potential candidates for its graduate leadership programs which require applicants to solve challenges in a VR environment to see if they possess the "strengths and abilities required by the future leaders of the Group."
Manufacturing & Logistics
VR and AR are likely to be particularly beneficial for people working in logistics, manufacturing, and skilled trades. AR can overlay the holographic images called "objects" and instructions on top of a person's reality-based perspective. This can be extremely useful in teaching employees to operate large machines or specialized devices.
Similar applications are likely to be extremely useful in the educational sector with the advent of automation that could eventually eliminate some low-skilled jobs; AR tools will also help prepare students for highly skilled and sought-after trades such as plumbing, welding, and electricity systems.
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How AR/VR Can Help to Enhance Business Productivity in 2022?
In the last few years, AR/VR solutions has advanced a lot and is no longer restricted to games or even the entertainment industry broadly, as VR applications are being expanded to various other areas and industries like E-commerce, Retail tourism, education, Engineering & Manufacturing, Training as well as Healthcare, Construction Architecture, and Interior design, Real Estate Marketing & Advertising, and Sports, among others.
It might appear as an expensive solution to implement; however, it could reduce expenses, enhance operational efficiency and yield greater returns on investment (ROI) in all your business initiatives by leveraging the various advantages in competition.
Personalized Content According to the User's Needs and Revolutionize the 'Try Before You Buy' Concept
VR and AR's primary benefit is that they generate value with personalized content and innovative business models.
With increasing numbers of E-commerce and retail businesses using VR & AR technologies in the user experience, the notion of 'try before you buy has a huge expansion.
This will Increase Brand Awareness via Shares on Social Media Platforms
Virtual and augmented reality are current channels that are gaining popularity for increasing the visibility of brands due to the personalization features of social media. Still, users can interact with the Content in an immersive and interactive manner in a first-person view.
The use of AR and VR applications allows simple users to share their experiences via social networks. This can generate even more excitement when family members and friends are interested in trying the similar.
This Tech Creates Rich, Immersive, and Interactive Environments for Users
Inspiring and engagement are two main reasons top brands develop VR-based marketing experiences. When you consider the benefits of VR in business, your business will be at the forefront of technology and attract the client's interest.
Similar to augmented reality, it allows users to provide a unique impression to written or published Content they "augment" using custom smartphone apps and markers that provide additional details.
Introduce Established Products to New Audiences
The quality of VR/AR-generated content enhances your presentation of your products to a new degree. It's a great method of presenting your products or services and provides a more engaging shopping experience. It lets customers enjoy the information in a more engaging environment, which creates an emotional bond with them.
It Generates Detailed Analytics for Understanding User Behavior
Augmented and virtual reality solutions combine analytics from the internet and Social Media. They are a real benefit in knowing your customers' preferences and behavior. Once a complete understanding has been gained through analysis, the possibilities are limitless. Find out your ideal market, strategy, and reach, or whatever it could be, since knowing the different preferences of your customers can help answer questions you didn't realize you already had.
The Key Takeaway
Augment reality, as well as Virtual Reality, provide tangible, tangible benefits to online retailers, and their outlooks for the coming years are clear. In the present, technology has already wrought a tangible change in numerous retail firms, including furniture and luxury products, cars, and many more.
As you have seen, the demand to create AR/VR apps is sure to help various industries with different purposes. Industries like tourism, healthcare gaming, retail real estate, architecture development, learning, and construction are already using AR/VR solutions to delight their clients and improve their overall user experience. It is also possible to opt for mobile apps with augmented reality development to take advantage of these new trends and stand out from the rest of the pack.
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